Exhibit 99.1

	PRESS RELEASE

SEACOR MARINE ANNOUNCES FIRST QUARTER 2025 RESULTS

Houston, Texas

April 30, 2025

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.

 

SEACOR Marine’s consolidated operating revenues for the first quarter of 2025 were $55.5 million, operating loss was $5.3 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024.

 

Notable first quarter items include:

 

For the first quarter of 2025, net loss was $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

 

Chief Executive Officer John Gellert commented:

 

“The first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.

 

We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.

 

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9

million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants. We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

 

I am confident about SEACOR Marine’s positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.”

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

 

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

		Three Months Ended March 31,
		2025				2024
Operating Revenues		$	55,499			$	62,770
Costs and Expenses:
Operating			41,928				48,099
Administrative and general			11,486				11,917
Lease expense			337				481
Depreciation and amortization			12,810				12,882
			66,561				73,379
Gains (Losses) on Asset Dispositions and Impairments, Net			5,809				(1	)
Operating Loss			(5,253	)			(10,610	)
Other Income (Expense):
Interest income			436				593
Interest expense			(9,586	)			(10,309	)
Derivative gains (losses), net			125				(543	)
Foreign currency losses, net			(1,196	)			(80	)
Other, net			—				(95	)
			(10,221	)			(10,434	)
Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies			(15,474	)			(21,044	)
Income Tax Expense			904				925
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(16,378	)			(21,969	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			889				(1,100	)
Net Loss		$	(15,489	)		$	(23,069	)
Net Loss Per Share:
Basic		$	(0.56	)		$	(0.84	)
Diluted		$	(0.56	)		$	(0.84	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,908,297				27,343,604
Diluted			27,908,297				27,343,604

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

		Three Months Ended
		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
Time Charter Statistics:
Average Rates Per Day		$	18,825			$	18,901			$	18,879			$	19,141			$	19,042
Fleet Utilization			60	%			72	%			67	%			69	%			62	%
Fleet Available Days (2)			4,583				4,870				5,026				4,994				5,005
Operating Revenues:
Time charter		$	51,933			$	66,095			$	63,313			$	65,649			$	59,263
Bareboat charter			708				364				372				364				364
Other marine services			2,858				3,349				5,231				3,854				3,143
			55,499				69,808				68,916				69,867				62,770
Costs and Expenses:
Operating:
Personnel			18,537				20,365				21,940				21,566				21,670
Repairs and maintenance			8,520				10,433				9,945				10,244				9,763
Drydocking			3,869				2,467				6,068				6,210				6,706
Insurance and loss reserves			2,153				2,473				2,584				3,099				1,738
Fuel, lubes and supplies			4,546				4,884				6,574				3,966				4,523
Other			4,303				6,104				5,796				4,435				3,699
			41,928				46,726				52,907				49,520				48,099
Direct Vessel Profit (1)			13,571				23,082				16,009				20,347				14,671
Other Costs and Expenses:
Lease expense			337				347				364				486				481
Administrative and general			11,486				10,888				11,019				10,889				11,917
Depreciation and amortization			12,810				12,879				12,928				12,939				12,882
			24,633				24,114				24,311				24,314				25,280
Gains (Losses) on Asset Dispositions and Impairments, Net			5,809				11,624				1,821				37				(1	)
Operating (Loss) Income			(5,253	)			10,592				(6,481	)			(3,930	)			(10,610	)
Other Income (Expense):
Interest income			436				372				358				445				593
Interest expense			(9,586	)			(10,001	)			(10,127	)			(10,190	)			(10,309	)
Derivative gains (losses), net			125				(536	)			67				104				(543	)
Loss on debt extinguishment			—				(31,923	)			—				—				—
Foreign currency (losses) gains, net			(1,196	)			1,308				(1,717	)			(560	)			(80	)
Other, net			—				187				29				—				(95	)
			(10,221	)			(40,593	)			(11,390	)			(10,201	)			(10,434	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies			(15,474	)			(30,001	)			(17,871	)			(14,131	)			(21,044	)
Income Tax Expense (Benefit)			904				(2,345	)			(513	)			(682	)			925
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(16,378	)			(27,656	)			(17,358	)			(13,449	)			(21,969	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			889				1,430				1,012				966				(1,100	)
Net Loss		$	(15,489	)		$	(26,226	)		$	(16,346	)		$	(12,483	)		$	(23,069	)
Net Loss Per Share:
Basic		$	(0.56	)		$	(0.94	)		$	(0.59	)		$	(0.45	)		$	(0.84	)
Diluted		$	(0.56	)		$	(0.94	)		$	(0.59	)		$	(0.45	)		$	(0.84	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,908				27,773				27,773				27,729				27,344
Diluted			27,908				27,773				27,773				27,729				27,344
Common Shares and Warrants Outstanding at Period End			29,488				28,950				28,950				28,941				28,906

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

		Three Months Ended
		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked		$	23,874			$	26,116			$	17,188			$	22,356			$	28,156
Fleet utilization			25	%			45	%			42	%			37	%			27	%
Fleet available days			1,121				920				920				921				927
Out-of-service days for repairs, maintenance and drydockings			153				75				116				179				137
Out-of-service days for cold-stacked status (2)			173				184				175				127				182
Operating Revenues:
Time charter		$	6,765			$	10,744			$	6,593			$	7,697			$	6,957
Other marine services			235				1,114				1,188				480				1,026
			7,000				11,858				7,781				8,177				7,983
Direct Costs and Expenses:
Operating:
Personnel			6,486				6,097				6,297				6,284				5,781
Repairs and maintenance			1,479				1,680				1,655				1,879				1,404
Drydocking			1,066				1,451				2,615				2,570				1,968
Insurance and loss reserves			702				854				799				943				396
Fuel, lubes and supplies			819				854				964				866				667
Other			349				229				225				226				(171	)
			10,901				11,165				12,555				12,768				10,045
Direct Vessel (Loss) Profit (1)		$	(3,901	)		$	693			$	(4,774	)		$	(4,591	)		$	(2,062	)
Other Costs and Expenses:
Lease expense		$	136			$	136			$	140			$	141			$	138
Depreciation and amortization			3,705				3,196				3,194				3,194				2,750
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	17,294			$	16,895			$	18,875			$	18,580			$	15,197
Fleet utilization			70	%			73	%			77	%			74	%			76	%
Fleet available days			1,710				1,856				1,990				1,969				1,775
Out-of-service days for repairs, maintenance and drydockings			382				180				203				203				238
Out-of-service days for cold-stacked status			—				—				58				91				91
Operating Revenues:
Time charter		$	20,835			$	22,999			$	28,809			$	27,047			$	20,555
Other marine services			852				1,027				3,048				1,028				169
			21,687				24,026				31,857				28,075				20,724
Direct Costs and Expenses:
Operating:
Personnel			5,183				5,654				6,083				4,969				5,181
Repairs and maintenance			3,462				3,712				3,455				3,161				3,209
Drydocking			1,241				835				681				1,226				2,032
Insurance and loss reserves			594				577				599				819				334
Fuel, lubes and supplies			2,180				2,226				2,514				1,170				1,287
Other			2,727				3,748				3,975				2,801				2,199
			15,387				16,752				17,307				14,146				14,242
Direct Vessel Profit (1)		$	6,300			$	7,274			$	14,550			$	13,929			$	6,482
Other Costs and Expenses:
Lease expense		$	63			$	82			$	75			$	172			$	178
Depreciation and amortization			4,402				4,477				4,540				4,565				3,915

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)

(in thousands, except statistics)

		Three Months Ended
		Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	17,848			$	17,337			$	17,825			$	17,083			$	16,934
Fleet utilization			75	%			88	%			71	%			82	%			71	%
Fleet available days			1,170				1,266				1,288				1,296				1,365
Out-of-service days for repairs, maintenance and drydockings			82				30				229				168				224
Operating Revenues:
Time charter		$	15,710			$	19,385			$	16,411			$	18,073			$	16,477
Other marine services			292				635				375				619				350
			16,002				20,020				16,786				18,692				16,827
Direct Costs and Expenses:
Operating:
Personnel			4,927				5,470				5,769				6,930				5,963
Repairs and maintenance			2,505				3,574				3,318				3,443				2,712
Drydocking			1,031				(226	)			832				707				1,483
Insurance and loss reserves			702				804				927				798				618
Fuel, lubes and supplies			883				840				1,043				1,103				1,198
Other			881				1,305				1,131				989				1,000
			10,929				11,767				13,020				13,970				12,974
Direct Vessel Profit (1)		$	5,073			$	8,253			$	3,766			$	4,722			$	3,853
Other Costs and Expenses:
Lease expense		$	83			$	72			$	73			$	71			$	85
Depreciation and amortization			3,230				3,272				3,261				3,247				3,496
Latin America
Time Charter Statistics:
Average rates per day worked		$	22,084			$	21,390			$	21,984			$	22,437			$	28,308
Fleet utilization			67	%			73	%			63	%			71	%			58	%
Fleet available days (2)			582				828				828				808				938
Out-of-service days for repairs, maintenance and drydockings			—				20				94				41				1
Operating Revenues:
Time charter		$	8,623			$	12,967			$	11,500			$	12,832			$	15,274
Bareboat charter			708				364				372				364				364
Other marine services			1,479				573				620				1,727				1,598
			10,810				13,904				12,492				14,923				17,236
Direct Costs and Expenses:
Operating:
Personnel			1,941				3,144				3,791				3,383				4,745
Repairs and maintenance			1,074				1,467				1,517				1,761				2,438
Drydocking			531				407				1,940				1,707				1,223
Insurance and loss reserves			155				238				259				539				390
Fuel, lubes and supplies			664				964				2,053				827				1,371
Other			346				822				465				419				671
			4,711				7,042				10,025				8,636				10,838
Direct Vessel Profit (1)		$	6,099			$	6,862			$	2,467			$	6,287			$	6,398
Other Costs and Expenses:
Lease expense		$	55			$	57			$	76			$	102			$	80
Depreciation and amortization			1,473				1,934				1,933				1,933				2,721